Pedro Borda Appointed to Chief Operating Officer for Principal International

DES MOINES, Iowa--(BUSINESS WIRE)--
Today, Principal announced Pedro Borda, president of Principal South
Asia and India, is promoted to senior vice president and chief operating
officer of Principal International. As previously announced, current
senior vice president and chief operating officer of Principal
International Renee Schaaf is assuming the role of president of
Principal Retirement and Income Solutions in March 2019.

Pedro Borda, president of Principal South Asia and India, is promoted to senior vice president and chief operating officer of Principal International. (Photo: Business Wire)

In his new role, Borda will partner with the company’s global leadership
teams to develop and implement business development and digital
transformation strategies. He has served in multiple leadership
positions for Principal over the course of his 22 years with the
company, including managing director of our former business in
Argentina, managing director of Principal Afore in Mexico, country head
of Mexico, a board member of Principal Chile, CEO of Principal’s ASEAN
Region, and president of South Asia and India. Prior to joining
Principal, Pedro worked in Argentina as a government pension regulator.
“Pedro has deep experience leading operations in Latin America and Asia,
knowledge of our global customer base, and expertise in global asset
management and pensions,” said Luis Valdés, president and chief
executive officer, Principal International. “Asia represents the
fastest-growing region for Principal International and is essential to
our long-term strategy. I am confident that he will help support our
continued global growth in his new role.”

Thomas Cheong, president of Principal North Asia, will assume Borda’s
current responsibilities for South Asia, becoming president of Principal
Asia effective March 2, 2019. Since joining Principal in 2015, Cheong
has led the development of Principal's retail pension and asset
management businesses in mainland China and Hong Kong, and managed key
partnerships in the region. The alignment of the Asia markets under his
leadership will enable Principal to focus on regional growth
opportunities.

“Thomas’s extensive experience in asset management, pension, and life
insurance businesses makes him the ideal person to lead and reinforce
Principal’s long-term commitment to our Asia markets,” said Valdés. “He
has 20 years of operations and management experience in mainland China,
Hong Kong, Taiwan, Singapore, and Malaysia, which is critical to helping
to achieve Principal’s mission of providing long-term financial security
in emerging markets around the world.”

About Principal®

Principal helps people and companies around the world build, protect and
advance their financial well-being through retirement, insurance and
asset management solutions that fit their lives. Our employees are
passionate about helping clients of all income and portfolio sizes
achieve their goals – offering innovative ideas, investment expertise
and real-life solutions to make financial progress possible. To find out
more, visit us at principal.com.

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